Swissco

Swissco: Secured two-year charter contracts for two of its anchor handling tugs (AHTs) with a UAE oil and gas company for US$7.2m. The contracts for both Swissco Superior and Swissco Singapore will also come with a 3 x 1 year extension option. In addition, the group secured short-term contracts for two newly delivered vessels, Swissco Ruby and Swissco Neptune. Group reiterates the healthy demand of its vessels amidst its fleet expansion and renewal program to enhance its capabilities. Swissco trades at an unattractive trailing P/E of 7.8x, one standard deviation above its YTD average of 7.3x.